MIPED empowering growth in southeast Trinidad

The Mayaro Initiative for Private Enterprise Development (MIPED) says its sustained growth is a result of supporting the needs of southeast Trinidad's entrepreneurs.

In a statement sent on Wednesday, it said the southeast peninsula is home to several multinational energy companies, with British Petroleum TT (bpTT) being a prominent player. The company said bpTT has engaged in expansive consultations to determine the best mechanisms for fostering accelerated development in the community.

BpTT's involvement includes rolling out various social investment initiatives, such as the Brighter Prospects tertiary scholarship programme and MIPED, the country's first microenterprise facility.

Since its inception in 2003, MIPED has provided loans to support business startups and expansion initiatives in diverse sectors, including fishing, agriculture, food, retail, distribution, services, vehicles and recently, tourism.

The release said MIPED began with an initial cash injection of over $7 million and over the years, has disbursed more than 6,500 loans, totalling almost $138 million in investment capital. It said the loans have "significantly" contributed to the agriculture, services and retail sectors, constituting 38.8, 21.9 and 19.4 per cent of the total loans, respectively.

President David Campbell, during a two-day visit to Mayaro, expressed his pride in MIPED's achievements, saying, "What we are most proud about is the fact that this investment has continued to drive growth and foster stability by empowering individuals and families, which are the building blocks of any sustainable nation."

MIPED uses a relationship-based approach, facilitating micro- and small-business loans to individuals who may struggle to provide traditional forms of collateral.

During Campbell's visit, a cross-section of MIPED clients shared their success stories in agriculture, fishing, food, and tourism businesses that flourished with the support of MIPED loans.

Ramesh Zoongie, a farmer from the community of Kernaham, said MIPED's has enabled him to establish a thriving agricultural business. Zoongie highlighted how MIPED's support allowed him to diversify his crops, expand cultivated land, improve his family's quality of life, acquire transport for produce and create employment opportunities.

Reflecting on MIPED's journey, general manager Rory Jitta emphasised that its success has inspired similar initiatives. The Loan for Enterprise and Network Development (LEND) agency, established in 2014 by LNG production company Atlantic, draws inspiration from MIPED and serves the residents of Point Fortin.

Jitta expressed pride in MIPED's contributions to community upliftment,saying each success story creates self-sufficient entrepreneurs and contributes to a stronger and more resilient community.